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tv   Bloomberg Markets  Bloomberg  June 29, 2016 2:00pm-3:01pm EDT

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david: from bloomberg's world headquarters, i am david terry. vonnie: i am vonnie quinn, here is what we are watching. david: health care stocks resuming today. if the brexit delay officially over? vonnie: records will continue to slog for the sector? looking at energy and acquisitions, we speak with tom fanning, ceo of the southern company. david: and there is a key perl and passing the rescue package for puerto rico, but a senator from new jersey has serious renovations -- reservations. markets close in two hours, stocks are hovering near shasta highs. ramy inocencio is sending by. ramy: session highs right now are three major indices. today, we reached about $260
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billion, back on top of the loss we saw of the first few days on the order of $1 trillion for the s&p. 200 billion down dollars ever since brexit happened. let's take a look where he are. up 1.5% for s&p. generally arises since the market open, near run highs today. socks from u.k. to japan, as all as germany, the ftse 100 is up at session highs. it has a race all its brexit happened. the dax is still down. butine -- it was up 1.75%, it has been down 1.6% since the brexit hit. the nikkei 225 also up. let's take a look at what is happening in terms of some stocks in play today. one would be in the athletics sector, nike up 2.6%. in the premarket, it had
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actually been down. we are seeing rebound. they reported a four quarter gross margin as well as revenue, which is an estimate of an uptick back into the green. under armour and skechers also rising as much as 6%. tor to transport, i want talk about the airlines yesterday and the day before. we saw the airline sector make a rebound after the brexit fallout. is up by 4.6%,al american airlines 4.4%. though, these companies, u.s. airline companies, are less exposed to the british counterparts, so we are seeing potential upside to that. there is stability with the union, the association of flight attendants said there is a agreement with united airlines corporation. 31%, their pay. that is the big corporate movers right now. vonnie: there are a few stocks
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hurting. ramy: one of them has to do with the buyout in asia, specifically with elian's or auto live, which was down 2%. another company i want to talk about is the oil sector, that is with southwestern energy. stopping for the fourth time in four days, nearly 4% here. ,his is after the oil and gas selling shares in order to reduce debt. a .6 million shares of stock, $1.1 billion. at the bloomberg dollar index. it is down by 0.5% here. with interestat rates, potentially not moving, interest rates being cut on the wpi function, there is a weight on the dollar. david: thank you very much.
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let's go to first word news. mark crumpton has more. mark: the director of the cia is warning of an eye symbol-type attack -- is simple-type -- istanbul-type attack in the u.s.. islamic state signatures are all over this. is likely group planning similar attacks in america. he says preventing further violence is propagated by what he calls a determined enemy, not worried about escaping. the usa began asking visitors from other countries to voluntarily close their social media account. customs and border protection to formsadd a line filled out by those entering the u.s. under the new program, which allows a visa free program up to 90 days. joaquin el chapo guzman is on hold, pending to new appeals
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filed by his attorney. this could be months or years alleged drug kingpin arrives in the u.s. to face murder and drug smuggling charges. he is being held in a maximum security prison or the u.s.-mexico border. hillary clinton has outspent, from on tv ads by more than $12 million this month. that is based on an analysis by abc news. clinton --ollar trump spent, clinton spent $12. raised to 20 $3 million in june. trump's campaign has spent no money on tv ads, and his unofficial super pac has raised $2 million. global new hours -- news 24 hours a day, powered by 2600 journalists and analysts in more than 120 countries. dramatic turn of events involving puerto rico's debt crisis, the senate advanced the bill allowing the island to
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restructure its $70 billion debt, but the governor said the commonwealth will default on the july 1 payment, even if the government does intervene. here.e michelle now this was a motivating factor for getting the senate to vote on this. how much of a surprise is this? rico,er: usually, puerto when they make these announcements before, they had it on the same day or the night before a deadline. again, it was the senate's preliminary vote in the morning, they cleared the hurdle. it looked like the federal bill will pass, help out puerto rico, and at the same time, there was this editorial saying, i i will not be paying general obligations. what exactly is he saying? if the senate bill does go opposition, it does go through, is he allowed to default?
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michelle: he is allowed to default. they can still not pay even if the feel is in place. -- the bill is in place. the governor has been saying for weeks he will continue paying for health and safety programs on the island, that is his first concern. he does not have a must money to pay all of those important programs and also pay investors. talk to us about the bill hatched in the natural resources committee, approved by the house, brought to the senate. what does it provide? achelle: it sets up seven-member control board that will oversee puerto rico's budget. they will be able to weigh in on the island spending plan. but more importantly, it allows for puerto rico to restructure its debt. looking to restructure $48 billion out of $70 billion of debt, and the control board will oversee this.
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they will be the ones negotiating with creditors and with bond insurance companies rather than -- because right now, it is the governor and his team negotiating. that will shift to a control board. he will try and introduce an amendment. doing it with that is and how it would affect the bill? michelle: it is unclear what the amendment would do, and i am sure we will hear from him and he can explain why is it he is so frustrated by this bill and what improvements you would like to see. -- despiteribe out how dire the situation is, i was traveling with secretary lew, he said it was eye-opening to go to a hospital and see it on a day by day basis. these are serious consequences. michelle: the people have been feeling this for quite some time. the government is behind on $2 billion in owes to contractors and other people.
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this affects local economy, and of course, you mentioned hospitals, there are hospitals that have closed, there is a unit where they need to pay for supplies with cash on delivery rather than through credit. this is the neonatal unit. david: we bring in senator bob menendez new jersey. he had the bill on the floor and now joins us from capitol hill. describe why you oppose this particular piece of legislation michelle was just describing here. diresland is in circumstances. it seems like things will get worse. it seemed like the island has been in difficulty for some time. last september, i raise these issues on the senate floor. i raise the alarm bell, the time to deal with this in a rational way. essa legislation does
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have clear restructuring in the court, which is the only reason we are considering this in the first place. there are many obstacles, it creates a control board who will determine whether or not the government of puerto rico has done everything they should to have access to restructuring in the bankruptcy court, and it requires a super majority of that court, of which there is no representation for the people of puerto rico, to allow puerto rico to go through restructuring. that means five of seven votes must vote affirmatively to allow puerto rico to go to restructuring. which means a minority, three of seven, could actually stop restructuring for who knows how long regardless of where perrigo does. puertos a new -- of what rico does. it is a neocolonial thing where pretty ricoh has no say over what happens -- puerto rico has
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no say on what happens. and the minimum wage projections for the workers in puerto rico. the senates past today, and there will be another vote tomorrow. at some point, if it does pass in full, it would arrive at president obama's desk before the bond payment deadline. it would take the very essence of these saortcomings of the promes bill and change it. this would add funding from pretty ricoh to the board. a clear pathway to restructuring. it would take away the super majority votes of restructuring. it would eliminate the provisions that would nullify minimum wage and overtime, projections for puerto rican workers. the way to prosperity for people in puerto rico is not to cut back on their earnings as they try to work. it would also have better
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pension protections which, right now, there are virtually none here there are flaws, the these are essential. i don't think it is too much to allow the mystic -- the citizens in puerto rico to have that vulnerability. if i am given an opportunity, the majority leader has the floor closed, which means he is not allowing anyone to even speak. if i get that opportunity, i will speak about these issues, and i will offer a motion to take one of these existing amendments and offer mine in place. the bill doesn't already require residents of puerto rico, at least one, must sit on the control board? the control board has the power, would have the power is not enough creditors are agreeing to a restructuring plan. the control board can take this into court and go through a process which would force any investor holdouts to work
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through this with the control board. sen. menendez: actually, as relates to the appointment, there is one person that must be appointed by the speaker whose principal residence and principal business must be in puerto rico. that does not come from the puerto rican people. it comes from the speaker. he can choose someone that has a principal business in puerto rico and doesn't even live there. that is one out of seven who will determine the future -- future of 3.5 million people. and the oversight board can create so many hurdles for puerto rico. still have to do with your creditors, go back to the table, go back to the table. they will be the only entity to decide, in their sole discretion , with a super majority vote, if there is a pathway to restructuring. vonnie: have you spoken to the governor? sen. menendez: he is not running
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for reelection. he sees the emergency of the situation. he endorsed the legislation, the one i introduced. he said it is either this or nothing, but he said i would rather have this. the resident commissioner, representative of puerto rico in congress, he lost his election because he stood for this. 59% of the people in puerto rico , the territory's largest are against this bill. it speaks volumes that the people of puerto rico are against their elected representatives, who lost his race for governor, and the actual governor is not running. they don't want this bill. the july 1 deadline, which everyone keeps talking about, it calls for resurrected stay of any decision of any court or any legal action to december of last year. so any actions that would even take place if this is delayed
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would be stayed as a result of the bills wording -- the bill's wording. the third circuit covers the island of puerto rico. vonnie: thank you for joining us from capitol hill. up next, stocks bouncing back from the massive brexit falloff. ♪
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♪ david: this is bloomberg markets. flash,r the business looking at the biggest stories in the news right now. the first time a u.s. company is dropping its designation as too big to fail.
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general electric have been working with regulators to escape this is a vacation. this includes the sale of all of ge's lending business. acquisitions,r now this merger with pfizer has fallen through. the ceo tells bloomberg allergan is looking at smaller scale deals that would comment its strategy of being a leader in pharma. pfizer and it plans to merge, blamed on the crackdown on corporate inversions. david: people are leaving the firm in a sweeping overhaul of the banking division. roger naylor, chris murphy, matt cannon will all step down. this will be run by the remaining code heads. - co-heads. that is the bloomberg/update. vonnie: we are following stocks near session highs. ♪
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♪ vonnie: this is bloomberg markets. session,t the opening and since the brexit, a massive follow-up off and then a rally. on investors are more optimistic that the public leaders will step in a month -- among the global uncertainty. we have a guest now. julian, is it really bad, or is this delayed response because on the part of britain, they don't believe this will have a negative outcomes everyone says it will? >> friday and into monday, the markets are pricing in the
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worst-case outcome. the message of course -- what we are seeing because of politics in the u.k., there is this cooling-off time, perhaps even between the u.k. and the eu and the united states, everyone is trying to make sure this goes more smoothly. in fact, maybe some opportunity for structural reform, and the markets are starting to factor that in. david: i appreciate you calling this cooling-off. very optimistic. how does that play out going forward as you look at your portfolio? julian: we have been advising clients to be buyers on this break. certainly in the u.s., we have dividend yield in the s&p 500 of 2.2%. 10 year yield below 1.5%. that type of relationship is very appealing. ultimately, stocks will break through the upper end of the range later this year. as well, sentiment have been
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very negative coming in to the referendum and stated cautious. that is the kind of fuel that keeps thing supported. vonnie: mainland europe has been pretty attractive to a lot of strategists, including yourselves. is it more now to the fellow or less attractive because it is feeling the pressure more than great britain's markets? julian: there is no question we are in for a time of uncertainty , whether it is european politics or of course politics in the u.s., which will keep things upwardly biased, but volatile. there will be opportunities materializing in europe, and ultimately, as things work out, and we do think they will, europe will be an attractive place. look ahead to the november u.s. election, do you see this as a fundamentally different campaign?
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julian: it is. regardless of the outcome, we are going to get change. not necessarily a policy point of view come a because that is an open question. we will likely get a person with virtually no political experience, or the first woman president of the united states. from that perspective, we look at past changing elections, where you had generational changes or third-party candidates that have really provided a challenge. the marketsd is stay volatile with an upward bias. what the electorate becomes comfortable with their choice, the following year is very positive for stocks in general. vonnie: were the reports delayed by july 4? they will be out the following friday. will the fed stay on path to raise rates, or will that change everything? julian: no, it is off the table. we are looking at a hike in december.
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given the fact that the fed's message was so mixed in a couple of months leading up to the last week and a half event, in a lot of ways, the fair -- the fact that janet yellen became as dovish as she did, this is validation of their caution. so the people, the investors looking for, gritting their teeth and wanting the rate hike, they will back off. and again, that opens up higher stocks in the months ahead. david: we heard from central bankers rather quickly from the ecb, bank of japan -- what role do you expect them to play? how is their policy going to change? julian: for now, they are doing what they should, and the markets are responding. that is to give us call words. the yen falls below
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100, substantially, that might because for action. for now, the markets really are trying to take what is a monumental event in stride. david: thank you very much for coming in. director of derivative strategy at ubs. still coming, the commodity close. onaking with tom fanning acquisitions for renewable energy and utility stocks. ♪
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♪ from bloomberg world headquarters, this is bloomberg markets. vonnie: commodity markets are
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closing. let's go to the markets desk. i am looking at oil first, because it is going to investors today. it is 4% on the day. -- it is going gang busters. i am also looking at the bloomberg, and in the last five days since brexit, we have recouped all of our losses on this commodity, up just a hair of a percent right there. this is in part because of what is happening with that eia david inventory -- data inventory. btv. is the g# if it is up, it is rising, if it is down, it is falling. sixave seen falls one point , and we had data showing a drawdown of about 4 million barrels. the leading estimate was a drawdown of 3.8 6 million barrels, more than expected,
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falling for a sixth straight week. let's go into natural gas. this is on the down today, nearly 1%. high,off the 13 month which is potentially on speculation that people are thinking the rise we saw yesterday, a jump of about 7.4%, was overdone. we are seeing pullback. ever since brexit, natural gas 8.3%tually going up by very let's take a look at copper and the industrial metals. it is performing higher on the day. it has that session highs. 7.3%. we have been up through gains and losses for most of the day, 0, 10:30,1030 -- 10:0 and now it is up three days in
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the row. of theaining for eight past nine days. look at gold right now. .t is pushing higher this is interesting despite the equities. equities are pushing up. we usually see the inverse relationship, and gold is up 8%. on track for the highest close since july 2014. adulation is right here -- speculation is rife here. david: remy at the desk. we have company valuation. investors contained a flop for the sector amid that brexit uncertainty. joining us now is the chairman and president of southern company, one of the largest utilities in the united states. the me ask you about the news we -- you have gotten final hearing on acquiring a new company. how complementary is that, and what do you tend to do with it?
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storage? it for gas tom: this was about the third-largest consumer of natural gas in the united states. when you think about the natural , i think, aeen generation portfolio for america that will require more gas. when you had agl, we become the most important gas consumer in the united states. a long gasof being infrastructure between now and 2050 is a real winner. vonnie: will you make more deals? tom: i have talked for now almost two years about other gas infrastructure. the other idea you may want to consider will be something like an interstate type that has terrific synergy with operations here in the southeast. we have looked at a number over a long time.
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whether we get that done, we will see. it has been a good effort. david: what is the southern company's acquisition strategy? is it project by project, mega watch? what are the metrics you use? tom: when president obama says all of the above, there is one company in america that is all of the above, and that is southern company. we are leading the renaissance of new nuclear making terrific progress on a project that will add another 1100 megawatts of new nuclear for a new generation of americans. we are nearing the completion, and i am getting use in the next newsor so -- i am getting in the next week or so, a cleaner carbon footprint. we are finishing that up in mississippi. i talked about natural gas. we are one of the largest investors in solar in the united states. when you think about it, it is mixed.
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when i think about the immense amount of cash this company is throwing off, you think about a spectrum of, by your own stock back, by more assets. exception, wehe have been buying assets. a deal was an exception. we saw the value, tremendous execution on getting that improved. we will continue to do things that are creating shareholder value. david: you mentioned the mississippi plant. this will open in the third quarter. to you be more specific on when that plant will open up? just on the final stages of completion. we are hoping in the very near term to -- recall that this is a plant that takes native mississippi lignite, goes through a process we developed with a partner. it is the first of its kind where we guess if i the lignite, -- where we gasify the lignite.
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the co2 is not waste. we have enhanced oil recovery, we productive more domestic oil. with the domestic test with the remaining synthesis gas, we will create gadgets, and take the remainder and produce electricity. this is efficient, first of its kind in the world technology , if not here in the u.s., eastern europe, asia, it may be awake or for people that consume coal in a responsible way. isnie: your stock price about $40 -- i have the stock price for 40 years. you have enhanced with global uncertainty and other reasons keeping record prices low. do you anticipate investors will continue to get into utilities as a safe haven? tom: i expect so. not all the utilities are alike. we have had one of the lotus --
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one of the lowest days in the s&p 500. when you think about the challenges in the world economy whether it is malaysia, europe, the lack of transparency in china, there is absolutely a premise to invest in southern company to balance out whatever else is going out. on the risk adjustment basis, southern company is terrific. david: i want to ask about nuclear power. age, it does not make sense to build a nuclear powerplant. you could not see that being the case anywhere in the future. do you agree with that? will we see new ones in the future? tom: i disagree with that. if you look at the national carbon strategy the united states seems to be adopting with the queen powerplant, remember -- clean powerplant, remember that nuclear power is up good horse powerplant, it has no
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carbon emissions. you can't turn our backs on nuclear if we want to have a low to no carbon future. we need to find a way to invest. people will say, gas is so cheap. just as people produce diversified stock portfolios, we energyve sound national policies, with energy in diversity will stocks. we need nuclear. we need 21st century coal, natural gas, renewable and energy efficiency. david: -- vonnie: why does southern company not released data on sales? we released data on the sense of investment. we have done that for years. we continue to do it. --take out the most relevant
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the most relevant statistics. we do release aggregate sales, but remember, most renewables are not intensive from the energy production standpoint. solar and wind, when the sunshine and the wind blows, it is more relevant to talk about capacity value rather than energy value for a new nobles. fanning, president and chairman and ceo of southern company. thank you for joining us from aspen ideas. david: let's get a check of the headlines. mark: british prime minister david cameron does not think he is the only one who should lose his job after the brexit vote. in parliament today, he called on the labor party leader yuri corbyn to step down. david cameron: he talked about job insecurity. he say to us ago, it is not in
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the national interest, and i would say, for heavens they, go. -- for heavens sake, go. mark: corbyn said he will not quit, even though the labor party gave him a vote of no-confidence. americans are concerned about the folly -- follow from the brexit vote. more than a third of u.s. voters said the uk's decision to leave the eu will hurt the american economy. four out of 10 say the brexit vote will end up hurting their investment portfolios. hill, the puerto rico debt crisis boat survived a key vote in the senate. lawmakers are trying to pass the vote before friday. that is when the bond payment is due. puerto rico says it cannot pay it. this would set up a board to oversee restructuring of the u.s. territory's $70 billion debt. california voters will decide whether or not to legalize pot. the advocates have collected enough signatures to put the
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question on the november ballot. this will allow adults to buy an ounce of marijuana and marijuana infused products licensed retail outlets. it would be legal to grow up to six pot plants for personal use. day,l news 24 hours a powered by more than 2600 journalists and analysts in more than 120 countries. this is bloomberg. check to you. vonnie: i want to point out mitch mcconnell, the senate majority leader, saying they have agreed to the passage of puerto rico spoke today. we are anticipating perhaps tomorrow there would be another vote. it looks like that will happen today. david: here are the sectors right now. take a look. this is bloomberg. ♪
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♪ david: this is bloomberg markets. let's go to the market desk where ramy inocencio has the latest. ramy: analyst calls for for stocks. oil is dropping as much as -- jumping as much as 4%. ever course is upgrading its ranking of transocean. transocean now 5.8%. ever court is raising this by one dollar to $12 a share. 4 billion barrels with the expectation. oil is pushing higher. car sector and
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the drivetrain sector. american axle and manufacturing up 6.8%. this is the biggest jump in a month. rbc capital markets is updating this to outperform. it is lowering the price target to $16 from $17. the company has less exposure to brexit, this will propel. let's look at dynegy, electricity provider. it is up 7.6%. this is because suntrust is saying a recent share in the past three weeks makes it an attractive entry point. -- 20 2%ve lost 20% since june 8 or nine, so it is upgrading from buy to neutral. and looking at darling international, up 7.4%. this is the biggest jump since march. and darling ingredients collects and recycles used cooking oil from -- cooking oil from
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restaurants. it puts it into the biogas realm. goldman sachs is updating this from by neutral to neutral neutral. benefit ford be a the oil markets and increased demand for new biodiesel. vonnie: thank you. now to more highlights from bloomberg tvs exclusive interview with the chairman and ceo, very think. erik schatzker asks him about the fed's next move areas >> i believe the brexit will lead to more uncertainty. it will lead to slower growth. i am under the opinion is highly probable they are not going to do anymore tightening this year. erik: janet yellen and her colleagues taste a lot of criticism over that tendency point. people argued the data was there, this fed should have
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raised interest rates at some point over the course of the first two quarters. now we have seen brexit and furthermore, the financial market volatility in december to mid february, can we look and say, they were right to keep their feet on the gas pedal and to keep monetary policy as loose as it is? larry: absolutely, i don't agree that they should have tightened. the data is not entirely there. we still have moderate inflation. we have a weakening economy. they revived the first quarter from one to one. corporateakening profits, and you add that up. i actually believe it was appropriate for them to pause. vonnie: that was some of the exclusive interview with blackrock chairman larry think. catch more of the interview throughout the day on bloomberg. david: coming up, we are awaiting on a news conference
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from the regulatory leaders. canada, u.s., and mexico are coming -- calling for action on the climate. ♪
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♪ david: this is bloomberg markets. vonnie: i am vonnie quinn. david: loom large with this anding with president obama his counterparts with the trading block. meeting with justin trudeau and mexican president ricky penn you. we will carry that for you live at the top of the hour. let's look at the issues. we have the senior executive editor. it strikes me that trade will behind up on the agenda at this particular event.
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i was struck earlier, president obama was meeting with president anda, and he said -- pena, he said isolation is not progress. trying to stay away from the campaign, not doing a great job. >> and the u.s. political race just has a way of filtering up through the northern border. i was one of the questions they get be about donald trump's strong combination of globalization and trade. they will have to address it. vonnie: the president will be campaigning with hillary for the first time. this issue will come up. he is embracing the theme a little bit. how does he get around this awkwardness? >> she tweeted after donald trump's speech that it sounded vaguely familiar to her, indicating she has made similar comments in the past. hard to tell whether she did or not. she will have to do want her way
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around it -- she will have to nuance her way around it. but obama's free-trade is under siege not just in the united states but also the u.k. and around the world. vonnie: bilateral trade deals, just how difficult are they to pull off, and how long does one take to negotiate? they are very difficult because they are entrenched in special interest on both sides, and they get, the devil is in the details. and global deals are much easier. you can trade one sector against the other. so a bilateral approach is not the way to go. david: curious about the referendum for the trade deals on the table right now. there is ccp. a lot of people taking stock, saying we are seeing a shift away from globalization underway for decades now. are you seeing resonance of that? >> brexit shakes of the entirely
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of get not just in local trade but also a lot of other global initiatives. they did reach environmental agreement that was very ambitious in 2025, cutting ambitions -- emissions by 20%. there is still a chance to do global deals on the environment, but the clear indication is, people are looking more inward. that is seen in politics. david: it is interesting how these are being tied in with his trade deals. we did not see that so much before. we will see how he comes out of the talk. >> it is 3:00 obama time -- vonnie: depending on this country you are talking about. what will they try to teach the world today? nieto has only spoken how globalization is
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creating business, good for society, includes people. but there are a lot of people left behind since 2008 who do not feel at all their lives have been improved. teaching that lesson and getting people to actually believe it is going to be difficult. david: we had this bombing in istanbul yesterday. the leaders mentioned that in the remarks this morning. as we talk about isolationism and integration, and a trade context, a similar conversation, this is happening on the security side of things. marty: that is right. most security experts tell you the information exchange is forestalled. people withdraw from the cooperation, it could be even more dangerous than where you are right now. vonnie: what will the donald study about the leave campaign and use to their advantage? marty: you saw donald trump on
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his first speech after brexit ofically adopt the approach the pro-brexit movement. whoappeal is to white men feel just a franchise. men,nalysis, older white that in the u.k. is what made brexit win. clear fieldt a very to that voter base. if he gets 75% of the white male vote in the u.s., he is going to be our next president. david: i noticed that?, the speech he gave in pittsburgh. declaring america's economic independence. marty: he is taking a lesson, and a number of my colleagues also think it is pretty smart. you will see them continue that message. vonnie: and to tie it up, what can the other side of the ,rgument due to combat this
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campaigning with a lack of details or education to the public? is the challenge, because there are many economic arguments that make trade, free-trade, benefit to the economy in general. it is a question of with benefiting. a lot of people feel it has not helped them at all. david: thank you very much, appreciate it. vonnie: senior executive editor and economics, marty schenker. awaiting the news conference from ottawa. you see the backdrop here. and the u.s. close near session highs. ♪ ?c+sv
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david: it is 3:00 in new york. vonnie: welcome to bloomberg markets. ♪
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david: from bloomberg world headquarters, i am david gura. vonnie: i am vonnie quinn. your is what we are watching. david: president obama, justin trudeau, and tenured yet to are etang to speak -- an pena ni will speak live soon. vonnie: stocks are driving high. how brexit has impacted the thinking for the fed, taking rate hikes off the table until 2018. are awaiting a joint news conference following the american leaders summit. president obama, prime minister justin trudeau, and president pena neita will be speaking. vonnie: stop hovering around session highs. we will see another day of big gains


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